Capital allowances ‘a right not a privilege’: another service to offer
Every time a commercial property owner spends money buying or improving it, there is a strong chance they can offset that expenditure against profits or general income for tax purposes – a little tapped resource offered by the Inland Revenue.
Indeed, the ability to claim capital allowances on commercial properties has been available to property owners since 1878. Most people believe that their accountant have already claimed everything, yet HMRC estimates a massive 96% of those eligible for a refund have not claimed.
Aware that the process of claiming such a tax rebate is not straight forward, Short Term Asset Finance decided it time to speak to the experts and learn how advisors can start offering this service to clients.
“HMRC has made claiming very complicated” Shaun Murphy, of specialist advisors Portal Tax Claims tell me. “Most accountants simply can’t deal with it, or think they are doing it already when they’re not. There it is an enormous under tapped resource out there.”
Effectively our surveyors will do an onsite survey and identify all the inherent plant & machinery hidden which is taken for granted within the original purchase price from which our accountants will then create the accredited HMRC approved report for submission
Portal Tax Claims promises to manage every stage of a claim’s process and offers ‘a no report no fee’ guarantee.
They will look at the purchase price paid by a company for the property and in most cases claim about 25% back, offset against the company’s tax bill.
A trade company, Portal Tax Claims doesn’t accept business from clients direct, but insists on an introduction from an advisor, and is currently turning over 200 claims a month.
Shaun believes the 96% not claiming is down to the complexities involved in a claim and the sheer lack of public awareness.
“Think about it, all those brokers out there, they can revisit all their old clients – at no cost to their clients – and they can say ‘whatever you’ve paid for the purchase price of a building, we can get about 25% back off that purchase price to offset against your current tax bill.’
“What we do is we go back and we unlock the hidden inherent value of the purchase price.”
Portal Tax Claims are so confident they will be able to make a substantial claim, they underwrite their offer:
Alice J. Hudson
If you want added information with regard to Claiming Capital Allowances or Capital allowance tax, pay a visit to the Author’s website immediately.
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